Assertions about account, Auditing

Assertions about account

Assertions about account balances at the duration end:

a) Existence-assets, equity and liabilities interests exist.

b) Obligations and Rights -the entity controls or holds the rights to liabilities and assets are the obligations of the entity.

c) Completeness-all liabilities or assets and equity interests which should have been recorded.

d) Allocation and Valuation -liabilities or assets, and equity interests that are involved in the financial statements at appropriate amounts and any conclusion allocation and valuation adjustments are suitably recorded.

Posted Date: 1/24/2013 7:32:24 AM | Location : United States







Related Discussions:- Assertions about account, Assignment Help, Ask Question on Assertions about account, Get Answer, Expert's Help, Assertions about account Discussions

Write discussion on Assertions about account
Your posts are moderated
Related Questions
Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o

Factors Affecting and Controlling Occupational Health (i) Walking-Working Surface Workers must work or move on different surfaces while working. Such - surfaces are cha

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro

It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.

Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition.  Thi

Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures states Audit sampling is the application of a compliance or substantive procedure to less than 100%

Provision and Accruals Previous to we consider the audit procedures along with regard to accruals and provisions, it is essential to clarify the meaning of two words in genera

Capital allowances vs. Depreciation Whether the client can prove such they will keep the existing levels of investment in original terms, then there may be justification to ac

B. For the one activity/process you ranked the most significant, identify and evaluate four risks. a. Two of the risk should be high to medium significance, and at least one shoul

The Use of Engagement Letters There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to exe